Loans worth Rs 23.2 lakh crore distributed to 41 crore beneficiaries under Mudra Yojana
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Banks and financial institutions have so far disbursed loans worth Rs 23.2 lakh crore to about 40.82 crore beneficiaries under the Mudra scheme, launched eight years ago to provide easy finance to the unbanked.
New Delhi. Banks and financial institutions have so far disbursed loans worth Rs 23.2 lakh crore to about 40.82 crore beneficiaries under the Mudra scheme, launched eight years ago to provide easy finance to the unbanked. Prime Minister Narendra Modi on 8 April 2015 launched the Pradhan Mantri Mudra Yojana (PMMY) to facilitate easy collateral-free micro-credit up to Rs 10 lakh to small and micro-entrepreneurs in the non-corporate, non-agriculture sector. It was
The finance ministry said in a statement on Saturday that loans under the PMMY are provided by lending institutions (MLIs) – banks, non-banking financial companies (NBFCs), micro-finance institutions (MFIs) and other financial intermediaries. On the eighth anniversary of Mudra Yojana, Finance Minister Nirmala Sitharaman said, “Since the launch of the scheme, about Rs 23.2 lakh crore has been sanctioned for 40.82 loan accounts till March 24, 2023.” He said that out of these, about 68 per cent accounts belong to women entrepreneurs and 51 per cent accounts belong to the Scheduled Caste (SC), Scheduled Tribe (ST) or Other Backward Classes (OBC) category.
It shows that the easy availability of credit to budding entrepreneurs of the country has fueled innovation and sustained growth in per capita income. Highlighting the growth of Swadeshi through MSMEs, the Finance Minister said, “The growth of MSMEs has contributed a lot to ‘Make in India’. Strong domestic MSMEs enhance indigenous production for both domestic markets and exports.
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